Bitcoin Social Dominance Has Declined To Just 17% Recently
According to data from the on-chain analytics firm , BTC-related discussions on social media have dropped recently. The relevant indicator here is “social dominance,” based on the concept of “social volume.”The social volume of any asset is a measure of the degree of talk it receives on the major social media platforms. The metric makes this measurement through a text-based data collection that Santiment has procured from different websites.
This restriction helps the social volume provide a more accurate representation of the trend being observed throughout social media. The aforementioned social dominance is a metric that tells us what percentage of the combined social volume related to the top 100 assets by market cap is being contributed by any cryptocurrency.
Here is a chart that shows how the social dominance of Bitcoin has changed during the last few months:The value of the metric seems to have taken a plunge in recent days | Source:As shown in the above graph, Bitcoin’s social dominance has registered a downtrend during the last few days, implying that the share of the social media discussions occupied by the number one cryptocurrency has shrunken. This is perhaps a result of the asset’s price stagnating recently. Generally, investors don’t find such price action interesting, so they may stop paying attention to the coin during phases like this.
Historically, the holders dropping BTC in favor of alts has been a sign of greed in the market. Such greed, however, is generally not favorable for the sector as a whole, as only weak rallies emerge in periods like these.
BTC Price
Bitcoin is trading around the $26,100 level after having decreased by more than 2% during the past 24 hours.Looks like the value of the asset has taken a hit over the last day or so | Source: